XML 19 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
ProspectusDate rr_ProspectusDate May 01, 2013
HEARTLAND VALUE PLUS FUND (Prospectus Summary) | HEARTLAND VALUE PLUS FUND
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return, Heading rr_RiskReturnHeading

heartland value plus fund

Investment Objective, Heading rr_ObjectiveHeading

INVESTMENT GOAL

investment Objective, Primary rr_ObjectivePrimaryTextBlock

The Value Plus Fund seeks long-term capital appreciation and modest current income.

Expense, Heading rr_ExpenseHeading

FEES AND EXPENSES OF THE VALUE PLUS FUND

Expense, Narrative rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold Investor or Institutional Class Shares of the Value Plus Fund.

Shareholder Fees, Caption rr_ShareholderFeesCaption
SHAREHOLDER FEES (fees paid directly from your investment)
Operating Expenses, Caption rr_OperatingExpensesCaption
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover, Heading rr_PortfolioTurnoverHeading

Portfolio Turnover

Portfolio Turnover rr_PortfolioTurnoverTextBlock
The Value Plus Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 27% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 27.00%
Expense Example, Heading rr_ExpenseExampleHeading
Example.
Expense Example, Narrative rr_ExpenseExampleNarrativeTextBlock
This Example is intended to help you compare the cost of investing in the Value Plus Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example, By Year, Caption rr_ExpenseExampleByYearCaption
Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Investment Strategy, Heading rr_StrategyHeading

Principal Investment Strategies of the Value Plus Fund

Investment Strategy, Narrative rr_StrategyNarrativeTextBlock

The Value Plus Fund invests primarily in a concentrated number (generally 40 to 70) of small-capitalization equity securities selected on a value basis. A majority of its assets are generally invested in dividend-paying common stocks. The Fund primarily invests in companies with market capitalizations between $250 million and $4 billion at the time of purchase.

 

The Fund utilizes Heartland Advisors’ disciplined and time-tested 10 Principles of Value InvestingTM framework to identify securities with the potential for appreciation and a potential margin of safety to limit downside risk.

 

The Value Plus Fund is designed for investors who seek capital appreciation from small company stocks that may produce modest dividend income. It is designed for long-term investors who can tolerate the greater investment risk and market volatility associated with smaller companies, but want to manage these risks by investing in companies believed to be undervalued relative to their intrinsic value.

Risk, Heading rr_RiskHeading

Principal Risks of Investing in the Value Plus Fund

Risk, Narrative rr_RiskNarrativeTextBlock

The principal risk of investing in the Value Plus Fund is that its share price and investment return will fluctuate, and you could lose money. Because the Fund invests in value stocks, it is subject to the risk that their intrinsic values may never be recognized by the broad market or that their prices may decline.

 

The Fund invests in a limited number of stocks (generally 40 to 70). Therefore, a change in the value of any single holding may have a more pronounced effect on the Fund’s net asset value and performance than would be the case if it held more positions. This generally will increase the volatility of the Fund’s share price and investment return.

 

Investing in the equity securities of smaller companies generally involves a higher degree of risk than investing in the securities of larger companies. The prices of securities of smaller companies are generally more volatile than those of larger companies, and these securities generally will have less market liquidity and may be more likely to be adversely affected by poor economic or market conditions. These risks generally increase as the size of the companies decreases. There is no assurance that the income-producing features of the securities in which the Fund invests will reduce the risks associated with investing in small companies or the Fund’s volatility.

Risk, Lose Money rr_RiskLoseMoney
The principal risk of investing in the Value Plus Fund is that its share price and investment return will fluctuate, and you could lose money.
Bar Chart and Performance Table, Heading rr_BarChartAndPerformanceTableHeading

Past Performance

Performance, Narrative rr_PerformanceNarrativeTextBlock
The following tables show historical performance of the Value Plus Fund and provide some indication of the risks of investing in the Fund. Table I shows how the total returns before taxes for the Fund’s Investor Class Shares have varied from year to year for the past 10 years. Table II shows how the Fund’s average annual total returns compare to those of two different securities market indices. Performance information for the Institutional Class Shares prior to May 1, 2008 is based on the performance of the Investor Class. Past performance (before and after taxes) does not guarantee future results. Recent performance information for the Fund is available on the Fund’s website at www.heartlandfunds.com or by calling 1-800-432-7856.
Performance, Information Illustrates Variability of Returns rr_PerformanceInformationIllustratesVariabilityOfReturns
The following tables show historical performance of the Select Value Fund and provide some indication of the risks of investing in the Fund.
Performance, Availability Phone Number rr_PerformanceAvailabilityPhone 1-800-432-7856.
Performance, Availability Website Address rr_PerformanceAvailabilityWebSiteAddress www.heartlandfunds.com
Performance, Past Does Not Indicate Future rr_PerformancePastDoesNotIndicateFuture
Past performance (before and after taxes) does not guarantee future results.
Bar Chart, Heading rr_BarChartHeading

TABLE I Value PLUS Fund - Investor Class Shares - Year-by-Year Total Returns

Bar Chart, Closing rr_BarChartClosingTextBlock

Best Quarter:

 

 

 

 

Worst Quarter:

 

 

 

2nd Quarter of 2003

 

 

23.86

%

 

3rd Quarter of 2011

 

 

-22.84

%

Performance Table, Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate
After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table, Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred
Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table, One Class of after Tax Shown rr_PerformanceTableOneClassOfAfterTaxShown
In addition, after-tax returns are shown only for Investor Class Shares, and after-tax returns for the Institutional Class Shares will vary.
Performance Table, Closing rr_PerformanceTableClosingTextBlock

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In addition, after-tax returns are shown only for Investor Class Shares, and after-tax returns for the Institutional Class Shares will vary.

Average Annual Returns, Caption rr_AverageAnnualReturnCaption

TABLE II Value plus Fund - Average Annual Total Returns (for the periods ended 12/31/12)

HEARTLAND VALUE PLUS FUND (Prospectus Summary) | HEARTLAND VALUE PLUS FUND | Russell 2000® Value Index
 
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, Label rr_AverageAnnualReturnLabel Russell 2000 Value Index (reflects no deduction for fees, expenses or taxes)
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 18.05%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 3.55%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 9.50%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 9.52%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 26, 1993
HEARTLAND VALUE PLUS FUND (Prospectus Summary) | HEARTLAND VALUE PLUS FUND | Russell 2000® Index
 
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, Label rr_AverageAnnualReturnLabel Russell 2000 Index (reflects no deduction for fees, expenses or taxes)
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 16.35%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 3.56%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 9.72%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 7.94%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 26, 1993
HEARTLAND VALUE PLUS FUND (Prospectus Summary) | HEARTLAND VALUE PLUS FUND | Investor Class
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends/Distributions rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee (as a percentage of the then-current net asset value of any shares of the Fund that are redeemed or exchanged within 10 days after they were purchased, exclusive of wire service charges of $4.00 and express mail charges of $22.00, if applicable) rr_RedemptionFeeOverRedemption (2.00%)
Exchange Fee rr_ExchangeFee none
Management Fees rr_ManagementFeesOverAssets 0.70%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.21%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.16%
Expense Example, With Redemption, 1 Year rr_ExpenseExampleYear01 118
Expense Example, With Redemption, 3 Years rr_ExpenseExampleYear03 368
Expense Example, With Redemption, 5 Years rr_ExpenseExampleYear05 638
Expense Example, With Redemption, 10 Years rr_ExpenseExampleYear10 1,408
Annual Return 2003 rr_AnnualReturn2003 53.56%
Annual Return 2004 rr_AnnualReturn2004 16.98%
Annual Return 2005 rr_AnnualReturn2005 1.34%
Annual Return 2006 rr_AnnualReturn2006 13.63%
Annual Return 2007 rr_AnnualReturn2007 4.73%
Annual Return 2008 rr_AnnualReturn2008 (17.88%)
Annual Return 2009 rr_AnnualReturn2009 26.37%
Annual Return 2010 rr_AnnualReturn2010 28.50%
Annual Return 2011 rr_AnnualReturn2011 (5.37%)
Annual Return 2012 rr_AnnualReturn2012 11.38%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2003
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 23.86%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (22.84%)
Average Annual Returns, Label rr_AverageAnnualReturnLabel Return Before Taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 11.38%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 7.05%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 11.78%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 10.76%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 26, 1993
HEARTLAND VALUE PLUS FUND (Prospectus Summary) | HEARTLAND VALUE PLUS FUND | Investor Class | After Taxes on Distributions
 
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 10.74%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 6.79%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 11.01%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 9.46%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 26, 1993
HEARTLAND VALUE PLUS FUND (Prospectus Summary) | HEARTLAND VALUE PLUS FUND | Investor Class | After Taxes on Distributions and Sales
 
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions and Sale of Fund Shares
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 8.24%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 6.08%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 10.38%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 9.04%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 26, 1993
HEARTLAND VALUE PLUS FUND (Prospectus Summary) | HEARTLAND VALUE PLUS FUND | Institutional Class
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends/Distributions rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee (as a percentage of the then-current net asset value of any shares of the Fund that are redeemed or exchanged within 10 days after they were purchased, exclusive of wire service charges of $4.00 and express mail charges of $22.00, if applicable) rr_RedemptionFeeOverRedemption (2.00%)
Exchange Fee rr_ExchangeFee none
Management Fees rr_ManagementFeesOverAssets 0.70%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.20%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.90%
Expense Example, With Redemption, 1 Year rr_ExpenseExampleYear01 92
Expense Example, With Redemption, 3 Years rr_ExpenseExampleYear03 287
Expense Example, With Redemption, 5 Years rr_ExpenseExampleYear05 498
Expense Example, With Redemption, 10 Years rr_ExpenseExampleYear10 1,107
Average Annual Returns, Label rr_AverageAnnualReturnLabel Return Before Taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 11.67%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 7.33%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 11.93%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 10.83%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 26, 1993